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What else can I help you with?
Is a house considered an asset in probate?
If the property was solely owned by the decedent the estate must be probated in order for title to pass to the heirs-at-law.
Can a probated estate be reopened?
If you find an additional asset of the decedent's, you can petition the court to re-open an estate.
Is pension considered part of an estate?
Only if the beneficiary to the plan is the estate. If the beneficiary is a person and not the estate, the asset passes to the person. It may still be subject to the decedent's debts, however, unless it is exempt such as in Texas. Of course, the bank would have to know about it to pursue collection.
Should i pay creditors that have filed against my father's estate from his bank accounts because their is no property?
Bank accounts are considered to be personal property and personal property is an asset of the estate. Creditors that file a claim against the estate are entitled to be paid from the assets of the decedent before any assets can be distributed to the heirs. They must be paid from any funds in a bank account owned by the decedent.
If a deceased person has a beneficiary on their CD's is that money considered part of the estate?
No. When the decedent arranges for an account to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.For computation of tax purposes, the proceeds are counted in the gross estate. However, most estates in the US do not reach the threshold for paying an estate tax.
Is a pension considered part of the deceased estate when money is owed to bank?
Only if the beneficiary to the plan is the estate. If the beneficiary is a person and not the estate, the asset passes to the person. It may still be subject to the decedent's debts, however, unless it is exempt such as in Texas. Of course, the bank would have to know about it to pursue collection.
Can an estate collect a debit?
Certainly, the debt is considered an asset of the estate and must collect it.
Is life insurance considered an asset in an estate?
Yes, life insurance is considered an asset in an estate because it is included in the total value of the deceased person's assets when calculating their estate's value for inheritance and tax purposes.
After death can beneficiaries liquidate annuities?
The only person who can deal with the estate is the deceased's executor.However, if the decedent arranged for an annuity to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.
Is a leased vehicle considered an asset?
Yes, a leased vehicle is considered an asset because it has value and can be used to generate future economic benefits.
Are annuities with named beneficiary considered part of the estate at death And is the executor entitled to a commission on that annuity?
No. When the decedent arranged for an account to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.For computation of tax purposes, the proceeds are counted in the gross estate. However, most estates in the US do not reach the threshold for paying an estate tax.
Does a vehicle need togo into a probate account?
It is a part of the estate and is an asset. In some places a vehicle can be transferred through a separate process.
